Enjoy unlimited opportunities with your business setup in Ras Al Khaimah Economic Zone. RAKEZ is situated near Dubai and has a growing economy, modern infrastructure and progressive government policies. Entrepreneurs can start their business by following three simple steps, customizing a package, submitting applications and documents and getting a business license.
The Department of Economic Development of RAKEZ is responsible for the issuance of licenses, and handling business activities. The zone has a prime location providing easy access to airports, seaports and other highways. It also offers low-cost office spaces, rental rates and full repatriation of profits. Here’s few important steps you need to take in order to fully enjoy the benefits of the RAKEZ economic zone.
Business Setup in Ras Al Khaimah
The company formation setup in Ras Al Khaimah is simple as shown below.
Select License Type
There are a wide range of license types offered by the RAKEZ authority.
- Commercial license
- General Trading License
- E-Commerce license
- Educational license
- Industrial license
- Professional license
- Media license
- Services license
- Freelancer permit
License for Business Setup in Ras AL Khaimah
In order to start your company in the RAK you need to get a license. However, it is necessary to select the business activities for your company and the type of structure, i.e, a limited liability company, sole establishment or a holding company.
Whether you are an entrepreneur, a new startup or an established company willing to expand their business RAKEZ, there is an option of a different business license that allows you to perform many activities under one license. Here are different types of licenses issued by the Ras Al Khaimah authority.
Business License | Business Activities | Free Zone | Non-Free Zone |
Commercial | Trade of goods and services | ✅ | ✅ |
E-Commerce | Trade of goods and services through digital means | ✅ | ❌ |
Educational | Starting education related company | ✅ | ❌ |
Professional /Individual | One owner with one activity in a specific expertise | ✅ | ❌ |
General Trading | Trade of multiple goods | ✅ | ❌ |
Industrial | Manufacture, import/export and packaging of products | ✅ | ✅ |
Professional | For professional services | ❌ | ✅ |
Media | For business activities related to media | ✅ | ❌ |
Service | For consultation or services in any industry | ✅ | ❌ |
Freelancer permit | For media, IT, education and analysts | ✅ | ❌ |
Business Entities in RAKEZ
RAKEZ offers businesses the choice of setting up a free-zone entity or a non-free zone entity according to the type of your business. There are three options that you can choose from,
- Free zone entity
- Non-free zone entity
- Branches
Free Zone Entity
The main key points about a free zone entity are,
- 100% ownership and profit repatriation
- No income or corporate taxes
- Accessing local markets with the help of a local agent
- No custom duty on re-exported goods
- Freedom to supply of labour
Non-Free Zone Entity
The main key points of a non-free zone entity are,
- No income or corporate tax
- Established with the help of a local partner
- Direct sales access to local market
- Subject to labour law of the UAE
- No custom duty on local and GCC markets sales
International Business Entities
RAKEZ is the best place for the following,
Private Finance
- Management of wealth and succession planning
- Ownership of real estate and assets
- Safety and ring-fencing assets
- Planning of international tax
- International Company
Trade
- Structured finance transactions
- Corporate redoms and restructuring
- Holding and other special purpose vehicles
Legal Entities
There are several types of legal entities a business can choose from,
A Free Zone Limited Liability Company (FZ-LLC). Which has 1-50 shareholders in it.
A Non-Free Zone Entity
Individual Establishment with a sole owner.
Limited Liability Company (LLC) with about 2-50 shareholders.
Branches.
- Branch of a UAE-based company (companies established in UAE (free zone included)
- Branch of a foreign company (companies established outside UAE
Facilities Provided by RAKEZ
There are many facilities provided by the RAKEZ authority to the companies including co-working spaces and full scale facilities for industries. You can select one from the options given below, according to the needs of your business.
Co-working Space. Co-working spaces are perfect for start-ups, entrepreneurs, freelancers based in Compass Coworking Centre of RAKEZ.
Standard Offices. These standard offices are cost-effective options for small and medium sized businesses (SMEs) who want to have a strong presence in the market.
Serviced Offices. Serviced offices are also a new type of co-working spaces in main business centres offering privacy and stability.
Executive Offices. Executive offices are one of the best options that provide larger private office spaces for companies with a large number of employees.
Warehouses. Personalized warehouses in different sizes with access to seaports and airports.
Core and Shell Offices. Undeveloped office spaces that can be customized according to the needs of the business.
Land for Development. Land for the development of large scale industrial units and other facilities.
Accommodation for Staff and Labour. Convenient accommodations for male workers at the industrial units.
Submitting Application and Documents For Business Setup in Ras Al-Khaimah
After completing the first step, you need to fill out an application form and submit the required documents. The following documents are required for Ras Al Khaimah mainland company formation.
- Photocopies of passports and visas of all shareholders
- Photocopies of passports and visas of all directors
- Photocopies of passports and visas of all managers
- An NOC (in case of resident shareholder)
- Business plan
- Emirates ID of manager and shareholder (if applicable)
Get Your Invoice
After the application submission, you can get your invoice via email or from one of the offices of RAKEZ authority.
Complete Your Payment
You can submit your payment via any of the following methods,
- Cash
- Online
- Check
- Bank transfer
Get Your Business License
The last and important step is getting your business license. You will get your license along with your registration set and bank letter after completing the license formalities. After that the visa process will begin.
Benefits of Starting Business setup in Ras Al-Khaimah
Here are some of the benefits you’ll get after starting your business at RAKEZ.
- You can select from the option of freezone entity or non-free zone entity
- 100% foreign ownership
- Fast and easy business setup process
- Wide range of business and industrial facilities
- All in one government services
- Automated customer services portal
- Connection with big logistics hubs
- Facility of provision of housing facilities for in-site workers
- Accessibility through wide range of regional branch offices
- Easy access to markets in Asia, MENA and the Middle East.
Ras Al Khaimah Trade License Cost
The cost of setting up a business in RAK free zone depends on the type of your business license, nature of your business and many other factors. Typically it ranges between AED 6,000 and AED 50,000. Please keep in mind your business needs before selecting a package and also consult with an expert to make the process easier.
Ras Al Khaimah Free Zone Companies List
Some of the major RAK free zone companies are,
- RAK Ceramics
- RAKBANK
- Julphar Pharmaceuticals
- RAK Rock
- RAK Port
- Stevin Rock
- RAK Gas
- RAK Economic Zone
Business Activities in Ras Al Khaimah
In Ras Al Khaimah, businesses can select from a wide range of business activities in any sector. Here are a few allowed activities in the RAK mainland.
- Trade
- Manufacturing
- Retail
- Real Estate
- Construction
- Healthcare
- Education
- Consulting Services
- IT
- Logistics
- Transportation
- Media and advertising
- Legal Services
- Financial Services
These are some of the allowed activities, you can consult with experts to find out more about availability of your selected activity.
Final Words
To sum up, business setup in Ras Al Khaimah is one of the best options for new entrepreneurs and startups. The RAK free zone has excellent location, modern infrastructure, business friendly environment and regulations. There are a wide range of business activities you can select for your business, get a license and start running your company.
The process of company incorporation in RAK can be made easy with the help of Al-Riyady. Our expert team will not only help you through the whole application and document submission process but also help you understand legal formalities. We will make the process of getting a license, applying for a visa smooth and easy for you. We also provide services related to taxation, business liquidation, auditing, business plan & feasibility study and more.